7 Important Considerations When You Buy Property in Gold Coast
Are you a first-time home buyer thinking Gold Coast, Australia is the ideal place for you? Buying a house from this wonderful paradise isn't just about looking for a property and paying for what's on the price tag. There are many things to think of, and it can be easy to get overwhelmed by all the information.
To make your Gold Coast experience simple, here's a list of crucial things to consider.
1. Find a reliable agent
Firstly, you need to know how to find a skilled Gold Coast buyer's agent. Nobody knows the landscape and market best like a local Gold Coast property agent. The advice in this post is general in nature, and you'll still need to seek professional help for a better assessment of your ideal property type.
Looking through countless properties can be a waste of time and money. You need someone who knows Gold Coast real estate best to get detailed advice and competitive rates.
2. Who Is Buying
How will you buy the house? Will it be under your name? Before you search for a property on the Gold Coast, it's important to weigh the pros and cons.
If it's under your name:
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You may be entitled to certain concessions, like first home buyer grant, stamp duty concession, reduced rate mortgages, etc.
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You can get full access to any negative gearing benefits, eligibility for a full CGT discount (for Australian residents) and possible land tax savings.
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If the property you're buying is for an investment and is geared positively, you must declare the income, which will be on top of your salary.
If it's under you and your partner:
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Get access to home and tax benefits.
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You can both use the loan to buy something more expensive, compared to getting the house on your own.
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If you break up, you can be forced to sell the property or service it yourself. For unfortunate circumstance wherein you break up, it's best to hold the real estate property as 'tenants in common'.
3. Overall Cost of Purchase
Never underestimate the total cost just because you skim through Gold Coast properties and found that it's within your budget. A common mistake of home buyers is not taking into account other additional costs.
Lenders mortgage insurance, inspection costs, solicitor fees, and stamp duty— are just one of the few. A Gold Coast property can be pretty expensive, so don't fall into the trap of not allocating for these additional costs.
4. Eligibility for a Home Loan
You might get surprised, but many home buyers looking for Gold Coast properties for sale go down the road without checking if they can get a loan. Don't get too excited about finally getting a house. Connect with lenders, contact agent, and do your research to understand what you'll be getting into.
Whichever property type you're into, you must check first if you can finance what you're trying to buy.
5. Budget
Don't overextend yourself just because you badly want to have a property near surfer's paradise. It's a good idea to seek a professional so they can give you advice on the right budget.
Most home buyers with great expressions of interest in the property overextend financially, which creates tons of problems in the process. If you do it on your own, be clear about your current income and outgoing expenses. Once you're sure about how much you're willing to allocate for your chosen home or when negotiating with a builder, never step beyond that budget.
6. Features of the Home
Avoid getting emotionally caught up when you walk into a home that feels perfect. Leave your emotions at the door to avoid paying too much or crucial important faults.
When dealing with properties, don't forget to consider anything outside the structure itself. Think of the suburb market trends, the local council or whether the district will still suit your way of living. Other things to consider should also include:
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plans for upcoming infrastructure
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proximity to public transport
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maintenance of the structure
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house features such as the number of bedrooms, bathrooms, kitchen, parking availability, etc.
7. Tenancy Agreement
If the Gold Coast property of your choice is still under a tenancy agreement, find out first which type. Is it periodic (weekly, monthly, etc.) or fixed-term lease agreements wherein the tenant has is given a specific time to lease the property (with start and end date)?
Before settling in your new Gold Coast property, make sure the seller or somebody who owned and operated it gives appropriate notice to tenants.
For Fixed Term Agreements
Unless there's an agreement between the parties, you can't make a tenant leave the property without an order from QCAT (Queensland Civil and Administrative Tribunal).
Periodic Agreements
If the agreement is periodic, weekly, the seller who owned and operated the property can evict the tenants after giving them four weeks' notice. Check if the settlement date accommodates this period. Some sellers don't provide notice to their tenants until the contract is signed and absolute.
The beach and the sun are waiting!
Are you ready to settle in? The sun is waiting, the beach is glistening, and you're about to embark on a new life in Gold Coast, Australia. Make sure to work with a professional in the real estate property market to ensure your life in paradise is a breeze. Always gather as much information as possible about your property purchase. Strictly Conveyancing can assist.
Daily Bulletin
